12th Economic Board Exam Most Important MCQ

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HSC Economic Board Exam Most Important MCQ

IMPORTANT MCQ

PART 1) https://www.surajpateleducation.com/2021/03/hsc-economics-board-exam-mcq-12th.html 


1) Which one is not a type of demand elasticity:

a. Income elasticity    

b. Cross elasticity     

c. Price elasticity     

d. Point elasticity

ANS: D

2) GNP – Depreciation is

a. NNP      

b. GNP      

c. NI       

d. GDP

ANS:A

3) Gross Domestic Product (GDP) can be calculated as:

a. C+I+G      

b. C+I     

c. C+I+G+(X-M)        

d. None of these

ANS: C

4) Perishable goods

a. Always follow the supply law

b. Sometimes follow the supply law

c. Always an exception to the supply law

d. None

ANS: C

5) Under perfect competition, sellers are:

a. Price deciders     

b. Price takers        

c. Price makers           

d. Price dominance

ANS: B

6) Public expenditure is that expenditure which is incurred by the public authority [Central, State and Local Bodies] for:

a. protection of their citizens

b. satisfying their collective needs 

c. promoting their economic and social welfare

d. All of the above

ANS: D

7) “Import of machinery” is recorded in the ___________ account.

a. Capital     

b. Current    

c. In both capital and current account    

d. Neither in capital account nor in current account

ANS: A

8) A fall in demand due to rise in price alone is:

a. Expansion of demand    

b. Contraction of demand     

c. Constant demand    

d. None

ANS: B

9) Homogeneous product is a feature of this market.

a) Monopoly     

b) Monopolistic competition    

c) Perfect competition      

d) Oligopoly

Options :1) c and d        2) a, b and c     3) a, c and d         4) only c

ANS: 3

10) Classification of markets on the basis of place

a) Local market, National market, International market

b) Very short period market, Local market, National market.

c) Short period market, National market, International market.

d) Local market, National market, Short period market.

Options :1) a, b and c             2) b, c and d       3) only a        4) a and d

ANS: 4

11) Role of foreign trade is

a) To earn foreign exchange 

b) To encourage investment

c) Lead to division of labour

d) Bring change in composition of exports

Options : 1) a and b         2) a, b and c     3) b and d       4) None of these

ANS: 2

12) When change in demand is equal to the change in price, the price elasticity is:

a. relatively inelastic demand    

b. relatively elastic demand

c. perfectly elastic                      

d. Unitary elastic

ANS: D

13) Percentage method is also known as:

a. Cross method

b. Distribution method

c. Arithmetic method 

d. Total expenditure method

ANS: C

14) Consumption beyond the point of satiety transforms satisfaction into:

a. dissatisfaction.        

b. Satisfaction      

c. Fulfilled       

d. None

ANS: A

15) Statements indicating consumer equilibrium:

a) MU is greater than price    

b) MU is equal to price

c) MU is less than price         

d) Price is less than one

Options: 

i) a and b ii) a, b, c and d     iii) a, b and c           iv) only b

ANS:4

16) Supply is 

a. a micro-economic concept.     

b. a macro-economic concept.    

c. Both a and b     

d. Only b

ANS:A

17) The first step involved in the construction of index numbers is:

a. Purpose of index number          

b. Selection of base year

c. Choice of price quotations       

d. Choice of suitable average

ANS:A

18) The difference between the value of final outputs and inputs, at each stage of production is called:

a. the value added     

b. the expenditure added    

c. the production added      

d. the output added

ANS:A

19) Money market faces shortage of funds due to ...........

a) inadequate savings.

b) growing demand for cash.

c) presence of unorganized sector. 

d) financial mismanagement.

ANS:A


20) Statements that highlight the significance of index numbers.

a) Index numbers are useful for making future predictions.

b) Index numbers help in the measurement of inflation.

c) Index numbers help to frame suitable policies.

d) Index numbers can be misused.

Options :1) b, c and d          2) a, c and d       3) a, b and d        4) a, b and c

ANS:4

21) Suppliers of long term funds are

a. Individual savers   

b. corporate savings    

c. banks     

d. All of the above

ANS:D

22) Macro economics helps to analyse

a. The specific level of employment and output in an economy. 

b. The general level of employment and output in an economy. 

c. both

d. none

ANS:B


23) The demand curve for perfectly inelastic demand is:

a. horizontal     

b. vertical      

c. convex     

d. concave

ANS:B

24) The term ‘Mikros’ means

a. Large     

b. Equal      

c. Small      

d. Both a and b

ANS:C

25) The two main branches of economics are:

a. Micro economics    

b. Macro economics    

c. Both     

d. None

ANS:C

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